Sec Form 20-F - Registration Statement/annual Report/transition Report/shell Company Report Page 22
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693.
In response to Item 7.B.2, if you are unable to identify the recipient of a foreign bank loan to which Instruction 2
of this Item does not apply because you have concluded that such disclosure would conflict with privacy laws, such
as customer confidentiality and data protection laws, of your home jurisdiction, you must provide a legal opinion
attesting to that conclusion as an exhibit. You must also disclose that:
(A) an unnamed director, senior management member, or other related party for which disclosure is
required by this Item, has been the recipient of a loan to which Instruction 2 of this Item does not apply;
(B) your home jurisdiction’s privacy laws prevent the disclosure of the name of this loan recipient; and
(C) this loan recipient is unable to waive or has otherwise not waived application of these privacy laws.
Instruction to Item 7.C: If you are filing Form 20-F as a registration statement or annual report under the Exchange Act, you
do not have to provide the information called for by Item 7.C. You must provide this information if you are filing a registration
statement under the Securities Act. Accountants who provide a report on financial statements that are presented or incorporated
by reference in a registration statement should note Article 2 of Regulation S-X. That Article contains the Commission’s
requirements for qualifications and reports of accountants.
Item 8.
Financial Information
The purpose of this standard is to specify which financial statements must be included in the document, as well as the periods
to be covered, the age of the financial statements and other information of a financial nature.
A.
Consolidated Statements and Other Financial Information.
1.
The document must contain consolidated financial statements, audited by an independent auditor and
accompanied by an audit report, comprised of:
(a)
balance sheet;
(b)
income statement;
(c)
statement showing either (i) changes in equity other than those arising from capital transactions with
owners and distributions to owners; or (ii) all changes in equity (including a subtotal of all non-owner
items recognized directly in equity);
(d)
cash flow statement;
(e)
related notes and schedules required by the comprehensive body of accounting standards pursuant to
which the financial statements are prepared; and
(f)
if not included in the primary financial statements, a note analyzing the changes in each caption of
shareholders’ equity presented in the balance sheet.
2.
The document should include comparative financial statements that cover the latest three financial years,
audited in accordance with a comprehensive body of auditing standards.
3.
The audit report(s) must cover each of the periods for which these international disclosure standards require
audited financial statements. If the auditors have refused to provide a report on the annual accounts or if the
report(s) contain qualifications or disclaimers, such refusal or such qualifications or disclaimers shall be
reproduced in full and the reasons given, so the host country securities regulator can determine whether or not
to accept the financial statements. Include an indication of any other information in the document which has
been audited by the auditors.
22
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